The continued rating was announced in an S&P research update published last month. In it, S&P states: "We are affirming our 'A' financial strength and issuer credit ratings on Norwegian Hull Club following a change in our criteria. The stable outlook reflects Norwegian Hull Club's consistent profit record, which in our view means that it is likely to maintain its extremely strong capital position."
The affirmation, S&P goes on to say, follows 'a review of Norwegian Hull Club under our revised criteria "Insurers Rating Methodology" published on July 1, 2019, including an assessment of The Club's year-end 2018 results'. S&P says that Norwegian Hull Club's rating 'reflects its leading position as a provider of a wide array of marine insurance products and its competitive advantage in key marine markets, as demonstrated by its sector-leading underwriting results in hull insurance'.
Regarding The Club's outlook, S&P adds: "We anticipate that Norwegian Hull Club will maintain its capital adequacy above the confidence level we expect of a 'AAA' rated entity according to our risk-based model. We also expect The Club to maintain its premium reputation in the market and to expand its premium base conservatively over the next three years."
You can read the full research update from S&P Global Ratings here.
6. Aug. 2019